Economic Survey: UPI is single largest retail payment system in the country

UPI ended calendar 2021 with record high transactions by both volume and value. According to NPCI data, it recorded 4.56 billion transactions worth Rs 8.27 trillion in December

The large-scale adoption of Unified Payment Interface (UPI) for making payments has resulted in it becoming the single largest retail payment system in the country in terms of volume of transactions, the economic survey of 2021-22 noted.

“Financial transactions have been seeing high growth over the last few years with multiple avenues for making digital payments which are growing over time. Unified Payments Interface (UPI) is currently the single largest retail payment system in the country in terms of volume of transactions, indicating its wide acceptance”, the government's annual pre-budget survey said.

UPI ended calendar year 2021 (CY21) with record